Larry Chiang’s 5th book, WTDTYASBS, launched at a Harvard Law School keynote, so he knows about grand openings (He even attends and promotes the ones he isn’t invited to also). As CEO of Duck9, he leads an army to help college student consumers get a FICO over 770. Post H.L.S. keynote, Harvard Business wrote: “What They Don’t Teach You at Stanford Business School” (his latest Harbus post: “Setting an intention for SXSWi”.
In the realm of business strategy, Larry Chiang is a mastermind. His innovative tactics have a flair of genius, and today we’ll unpack how he transformed a simple breakfast meeting into a $29K profit extravaganza.
1. The Power of Guarantee
Larry started the conversation by highlighting the guarantee. This provided assurance to his clients about the commitment and reliability of the services he was about to present. It built an environment of trust and security right from the start, setting the tone for the rest of the conversation.
2. Internal Escrow: A Win-Win
To eliminate risk for his client, Larry proposed an internal escrow. This meant that the client kept the money until after the results were delivered. This unique approach not only mitigated risk but also underpinned Larry’s confidence in his services.
3. Selling an Event, Not Just a Service
Larry’s proposition was not merely a service, but an event. He already had a specific date and time picked for this event, presenting a well-thought-out and prepared package that was hard to resist.
4. Documenting the Journey: Audio and Video Recording
With the client’s consent, Larry recorded both audio and video of the conversation. This served as a personal record and a testament to transparency, reinforcing trust in the relationship.
5. Attentive Listening: Understanding the Client
Larry spent 30 minutes discussing and understanding the biggest problems in the client’s industry. This period of deep listening demonstrated his interest in their challenges, and his intent to provide a solution tailored to their needs.
6. The Power of Anticipation: “Magic is About to Happen”
Before unveiling his proposition, Larry built anticipation by declaring, “Magic is about to happen.” This kept the client on the edge of their seats, making them eager for the unveiling of his groundbreaking deal.
7. Leveraging the #ExternalAPI
Larry borrowed momentum from another event, in this case, Mining Disrupt, to add credibility to his proposal. This creative tactic borrowed the prestige and success associated with the established event to enhance the allure of his own proposal.
8. An Outsider with Insider Knowledge
Despite not having prior knowledge about the client’s industry, Larry’s meticulous preparation and understanding of business dynamics allowed him to present an attractive proposal.
9. Keeping the Conversation Focused
Larry wisely kept marketing personnel from the client’s side out of the initial conversation. This ensured the focus remained on the deal at hand and expedited the decision-making process.
10. Convincing Certainty: “This Can’t Fail”
Larry confidently explained why his proposal was fail-proof. This assertion cemented the client’s faith in his services and demonstrated his confidence in delivering the promised results.
11. Personalized Call-backs
Larry referred back to specific issues the client had shared, further emphasizing his attentiveness and commitment to providing personalized solutions.
12. Sealing the Deal with a Video
To close the deal, Larry recorded a video with the client signing a one-way letter of intent. This unconventional tactic ensured commitment from the client and served as a concrete symbol of their partnership.
In conclusion, Larry Chiang’s genius tactics embody the perfect blend of confidence, preparation, innovation, and customer-centric strategy. His masterful approach at this breakfast turned a simple meeting into a profitable venture, proving that with the right tactics and a client-focused approach, anything is possible in the world of business.
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